Capital Adequacy Ratio: NIB completes Rs8.6b rights share issue

KARACHI: NIB Bank Limited on Thursday completed its Rs8.6 billion rights share issue, a statement said. “After the completion of the rights issue, NIB’s capital adequacy ratio has reached 15.38 per cent against the State Bank of Pakistan’s requirement of 10 per cent,” it said. The statement said that at the conclusion of the rights issue, the majority shareholder of NIB, Bugis Investments, a subsidiary of Fullerton Financial Holdings of Singapore, remained the single-largest shareholder of NIB with 88.6 per cent shareholding. NIB operates through 179 branches in 58 cities and towns across Pakistan. The statement said that the bank reduced its administrative costs by 28 per cent over the last one year. NIB is rated AA- by the Pakistan Credit Rating Agency Limited (Pacra), which denotes a low expectation of credit risk. PRESS RELEASE

Published in The Express Tribune, September 16^th, 2011.